Secured Loans, Unforeseen problems

Many people are tempted to take out a secured loan to buy objects like cars, experiences like holidays or to bring all their loans under one lender. They are secured on your house just like a self cert mortgage. If you fall into mortgage arrears and gain a bad credit rating then your chances of getting a loan are slim. It is very easy to get a loan if your credit is good and in fact you will be actively targeted to request more credit once you are on the credit ‘radar’ by purchasing such products.

Taking out a secured loan is a long term financial commitment. You may already have a long term financial commitment in the shape of a self cert mortgage. It is difficult to balance further credit and its associated repayments against increasing your social status without taking out too much credit and ending up with mortgage arrears and bad credit. Always make sure that you can afford the repayment plan, that it is realistic for your current and prospective future financial situation. It is true that your status and income may change over time so ensure whatever product you go for you feel confident that you can afford it.

Secured loans are tied in with your house and possibly your self cert mortgage. Any chance of mortgage arrears and bad credit should be dealt with swiftly. Try to entertain the possibility of building up savings. These could be a big help if you fall behind on your repayments. Try to avoid any kind of arrears situation as it is flagged up for a long time in your credit history, even if you have resolved it. Try to plan ahead, if you are self employed this can be trickier but by the time you have applied for a mortgage you should have a good idea how much you can afford and your annual earnings potential. If you earn more one month then the next put it away against any possible lean months. This will hold you in good stead and stop you from falling into arrears.

We can not promise you a Mortgage BUT we will listen no matter what your circumstances are.

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ABBEY FINANCE

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Actual rate available depends on circumstances ask for personalised illustration. The overall cost for comparison is 7.9% APR. Our representative fee charged is 1.25% of amount borrowed. APR variable and based on a usual case.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE